Imperial Metals Corporation

Imperial Metals Corporation

October 31, 2006 16:45 ET

Imperial to Proceed with Cash Offer for bcMetals

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2006) - Imperial Metals Corporation (TSX:III) has resolved to proceed with its cash offer to purchase all of the issued and outstanding shares of bcMetals Corporation ("bcMetals") for $0.95 per share.

Imperial, which holds 3,014,000 shares of bcMetals (8.04%), believes that the shareholder rights plan adopted by the board of bcMetals on October 19, 2006 seeks to deprive bcMetals shareholders of the ability to respond to Imperial's take over bid in accordance with the terms of that bid, and is unsustainable.

Imperial's takeover bid will expire November 2, 2006 in accordance with the terms of the offer described in Imperial's offering document dated September 27, 2006.

Contact Information

  • Imperial Metals Corporation
    Brian Kynoch
    (604) 669-8959
    (604) 687-4030 (FAX)
    Imperial Metals Corporation
    Andre Deepwell
    Chief Financial Officer
    (604) 488-2666